Seasonally adjusted, the number of home loans taken out so far this year is 1.8 per cent higher than for the same period last year: 51,150 owner-occupied housing finance commitments were recorded over the first four months of 2011, compared to 50,603 for the four months ending April 30, 2010.

This is an encouraging sign for the housing market, considering early-2010 was characterised by high levels of buyer activity.

In April alone, 13,091 housing finance commitments were recorded, compared with 12,173 in April 2010 - a significant 7.5 per cent increase in loan activity.

The average value of owner-occupied housing finance commitments in Victoria rose for the first time this year, from $285,600 in March to $285,700 in April.

The average housing loan for first home buyers also increased in April compared to March, rising 2.3 per cent from $270,900 to $277,200.

Again, this was the first monthly rise in this measure this year and another indication of a possible stabilisation.

Dr Andrew Wilson is senior economist for the Fairfax Media-owned Australian Property Monitors.